Well... that depends... do you want to shrink the file or not? The NOTRUNCATE causes the "freed file space to be retained in the files". If you want to actually shrink the file, I'd have to say "No", not a good option.
Lookup DBCC SHRINKFILE in Books Online for more information.
Also, keep in mind that something caused TempDB to grow in the first place. If it was a one-off job that did it, ok, might be worth shrinking TempDB or bouncing the server to recover some disk space. If it was just normal daily activities that cause it to grow, shrinking TempDB is not going to get you out of the woods... you'll need to make the minor investment of more disk space. Considering that you can buy a 300 gig harddrive for very little (even price of SCSI's have gone down alot, dunno about SAN's), I'd be on my way to the store. Look at Vladan's and my post about the size of our TempDB's if you don't think it's worth the invenstment... a properly sized TempDB makes for a happy server and "properly sized" can sinmetimes mean "BIG".